Dow Jones futures rose Monday morning ahead of key economic data, with the release of two manufacturing indicators. Tesla stock dropped after the company’s record number of vehicles in the first quarter missed estimates.
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A heavy dose of economic data is due out this week, none bigger than Friday’s March jobs report from the Labor Department.
For Monday, the PMI manufacturing index for March is due out at 9:45 a.m. ET, while the ISM manufacturing index is out at 10 a.m. Wall Street expects the PMI to come in at 49.3, while the ISM manufacturing index is expected to fall to 47.5 in March vs. February’s 47.7 reading.
Later in the week, the Labor Department’s February job openings and labor turnover survey is due out Tuesday. The ISM service-sector activity gauge is slated for Wednesday at 10 a.m.
Stock Market Today
World Wrestling Entertainment (WWE) will merge with UFC parent Endeavor Group (EDR) in a $21 billion deal. The deal values WWE at $9.3 billion and UFC at $12.1 billion, the companies said in a press release. WWE shares tumbled 6%, while EDR stock rose 3.7%.
C3.ai (AI) looked to add to Friday’s breakout gains, rising another 5% in early morning trade Monday, while electric-vehicle giant Tesla (TSLA) dropped more than 3%. Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) were lower ahead of today’s stock market open.
IBD Leaderboard stock Axon Enterprise (AXON), Skyline (SKY) and Workday (WDAY) — as well as Dow Jones stocks Cisco Systems (CSCO), Microsoft and Nike (NKE) — are among the top stocks to buy and watch with the ongoing market strength.
Cisco was featured in last week’s Stocks Near A Buy Zone column. Axon, Skyline and Microsoft were all recent IBD Stock Of The Day subjects.
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Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Monday’s opening bell, Dow Jones futures rose 0.3% vs. fair value, while S&P 500 futures lost 0.2%. Tech-heavy Nasdaq 100 futures were down 0.7% in morning action.
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